US and VA Government: Economics

How does the government know what is happening to prices in the USA?

• the CPI

• GDP

• unemployment rates

What does the Federal Reserve Bank control?

• The US Government budget

• the supply of money in the US

• Taxes in the US

If the economy is not growing, the Federal Reserve will -

• lower interest rates

• keep interest rates the same

• increase interest rates

Who controls Fiscal Policy?

• the federal reserve

• Congress and the President

• The Supreme Court

The total value of goods and services produced in a society is the GDP.

• true

• false

The unemployment rates measures -

• the number of people that get assistance from the goverment

• the number of people living in the US

• the number of people that cannot find work

Inflation means that prices are going down.

• true

• false

Congress and the President can slow the economy by raising taxes.

• true

• false

Who advised the President on Economic matters?

• The Speaker of the House of Representatives

• The Council of Economic Advisors

• The Governor of Virginia

When the government spends more money than it has in tax revenues, it has a

• budge surplus

• budget deficit